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Short Sale Process

For most homeowners, a short sale is something they never thought they would go through, and so they aren’t familiar with the process. The same can be said for most buyers; even buyers who have bought many homes in their lives have probably never gone through the short sale process.

There is really nothing “short” about a short sale. I’ve heard many buyers refer to them as “quick” sales, but they are mistaken about what a short sale really is. The easy definition is this:

A short sale is a real estate sale in which the net proceeds of the transaction are not enough to pay off all the liens on the property.

In most cases, the short sale can’t even begin until there is an offer on the property. At that point, the offer is sent in to the seller’s bank. But the offer doesn’t go in alone…it is part of the “short sale package.” The package will include the seller’s financial documents (tax returns, bank statements, etc.) and a hardship letter. In response to the offer, the bank will usually order an appraisal or a BPO (broker price opinion). This is to help the bank determine if the offer is reasonable based on approximate market value. Once a price is agreed upon, the offer may still need approval from the bank’s investor (the person or entity that bought the note) or the mortgage insurance company. All of these steps take time, which is why short sale buyers often “walk” from the deal and find other retail-ready properties than can close more quickly.

Client Testimonials

Great job! My parents got themselves in over their head on this house, and we are all so glad that you were able to help us negotiate with Wells Fargo and get this done!

Black Mountain homeowner

I am so grateful to have had the opportunity to work with you on the short sale of my mother’s condo…with such teamwork, efficiency, and professionalism, this is the outcome that I had expected.

Asheville condo owner

Scott, you were a fantastic help! I can’t imagine that you could have made it any easier. You were honest about ALL the paperwork, time lines, the bank procedures, etc. Knowing how to prepare & what to expect made all the difference.

Asheville condo owner

What a relief to no longer receive calls from my mortgage companies! I am sad to say good-bye to my vacation home, but I know that this was the best thing for me. Thanks!

Vacation home seller

Thank you so much for all your hard work in selling my home and helping me to close this chapter and move on.

Asheville, NC Short Sales. Asheville Short Sales The information in this website is deemed reliable but not guaranteed. Nothing in this website shall constitute legal advice or tax advice. Each short sale is unique; sellers, buyers, and real estate agents are advised to engage a competent attorney and tax professional immediately.
Mortgage Assistance Relief Services Disclosure: I am not associated with the government, and my services have not been approved by the government or any lender. No lender is obligated to approve a short sale or any other modification of mortgage terms. My fees are collected out of the lender's proceeds at closing, and you may stop using my services at any time.